$100M Token Transaction Puts Justin Sun’s Father at the Helm of Public Firm via Tron Inc. Agreement

$100M TRX Deal Puts Justin Sun’s Father in Charge at Rebranded Tron Inc.

Weike Sun, father of crypto entrepreneur Justin Sun, has become Chairman of the Board at SRM Entertainment — a Nevada company now transitioning to the name Tron Inc. — following a major $100 million investment executed entirely in TRX tokens.

An SEC filing released Monday details the deal, structured as a private investment in public equity (PIPE). Through the transaction, Weike Sun’s investment entity acquired 100,000 shares of Series B preferred stock, convertible into 200 million common shares, and received 220 million warrants priced at $0.50.

The board shake-up includes two Tron ecosystem figures: Zhihong (Steve) Liu, an advisor to Tron DAO and CEO of stablecoin issuer Techteryx, and Zi Yang, a senior executive at Tronscan. Both have joined the board’s audit, compensation, and nominating committees.

Despite the Tron connections, Tron DAO has no formal stake or governance role in the company, according to Liu. “Tron DAO is not really any part of the deal for SRM. It’s more of the senior Sun’s transaction,” he explained.

Plans for the renamed Tron Inc. reportedly include building a corporate treasury of up to $210 million in TRX, similar to MicroStrategy’s Bitcoin strategy, according to the Financial Times.

The PIPE investment was arranged by Dominari Securities, an affiliate of Dominari Holdings, whose advisory board features Donald Trump Jr. and Eric Trump. The firm received a $50,000 advisory fee for the deal.

In market reaction, SRM shares slid 15% to $7.73, while TRX dropped 2.5% to $0.27.